The Meet Group closed a new $60 million credit facility consisting of a $35 million term loan which was fully drawn at closing and a $25 million revolving line of credit for general corporate purposes.
The new facility replaces and terminates the company’s prior facility. The new term loan matures on August 29, 2022 and amortizes at 10% per year, a reduction from 25% per year in the prior facility.
“The strong execution of our livestreaming video strategy has enabled us to improve our financial position and successfully refinance our debt. In addition to reducing our cost of borrowing, the new debt facility allows for increased annual spending for share repurchases of up to $30 million annually, up from $10 million annually allowed under the prior facility,” said Geoff Cook, CEO of The Meet Group.
The new credit facility was provided through a banking syndicate arranged by Bank of America Securities and JPMorgan Chase Bank. Bank of America served as administrative agent for the transaction.
The Meet Group is a provider of interactive livestreaming solutions designed to meet the universal need for human connection.